XL held back
XL was pushed into a second quarter loss by reserving for WTC claims and poor investment performance.
The Bermuda-based company lost $91.7m (£58.5m) compared to a net income of ...
XL held back
XL was pushed into a second quarter loss by reserving for WTC claims and poor investment performance.
The Bermuda-based company lost $91.7m (£58.5m) compared to a net income of $128.6m (£81.9m) in the second quarter of 2001.
XL booked a $200m (£127.5m) charge for WTC losses and $110m (£70m) losses from investments, including $92.5m (£59m) related to WorldCom.
Pensions deficit
There is a growing deficit in the staff pension fund at Alexander Forbes, the South African-owned broker.
The fund is expected to pay out R726m (£44m), but had assets worth just R583m (£36m). The total deficit of R183m (£11m) has grown from a deficit of R112m (£7m) last year.
AXA wins film case
AXA won an $11.5m court battle with HIH over failed film finance policies.
The court rejected HIH's argument its quota share reinsurers should pay for losses racked up in the late 1990s, and ordered that it should pay AXA's costs.
No rise at HHH
Hill House Hammond (HHH) turned in a flat result for the first six months of 2002.
Its operating result of £5m was unchanged from the same period of 2001.
The figures were revealed in parent company Aviva's results.
Unsigned policies
The technology software company Rebus iS estimates there are at least 750,000 unsigned policies in the London Market alone.
This is due to how long policy generation takes. The LMP Programme Office estimates it takes an average of 235 days to issue each London Market policy. Rebus says this can lead to problems as when a policy is claimed under, the exact terms may not have been decided.
New Cox head
Cox has a new director. Bernard Watkins, underwriter of motor Syndicate 218, was promoted to the board after 40 years at the group.
